My time is short, so let me get to my subject without delay.I begin with a few observations on the Reality we face.First, the bad news - not all of it, just some of it; just four things that I regard as being among the more worrisome realities that confront us today.Firstly, in terms of aggregate dollar volume, we are a much smaller industry now than we were just a few years ago ...
In its green paper on corporate governance reform, the Government sought views on measures designed to address "a widespread perception that executive pay has become increasingly disconnected from both the pay of ordinary working people and the underlying long-term performance of companies" ...
Over the past few months, our Legal Lab on Artificial Intelligence (L3AI) team has tested a number of legal solutions that incorporate AI to a greater or lesser extent. According to the authors Remus and Levy1, most of these tools will have a moderate potential impact on the legal practice. Among the solutions tested by the members of our laboratory, certain functionalities in particular drew our attention ...
Months into the United States’ trade dispute with China, and there is no end in sight to the dispute. There are three significant deadlines for U.S. importers to consider involving the tariffs the U.S ...
Morgan & Morgan opened its first offices in The Bahamas since 1991. We created MMG (Bahamas) Ltd. as a corporate service and later on, in 1996, founded MMG Bank & Trust Ltd., which started our financial unit´s successful path into the financial service industry ...
As we have written in a number of previous articles1, National Treasury, together with the Prudential Authority and the Financial Sector Conduct Authority, has recently rolled out various pieces of legislation to bring South Africa closer to compliance with its G20 commitment to regulate over-the-counter (“OTC”) derivatives in South Africa. Detailed requirements are now being harmonised, including through proposed amendments to existing legislation ...
Regular readers will recall our recent ENSight1 where we reported that a draft agreement had been published which, to a degree, addressed the uncertainty trade mark owners are facing about the impact of Brexit on their trade mark rights. We said that while it had been agreed that Brexit will be implemented in a manner that preserves trade mark rights, discussions on the charges and administrative procedures for the creation of a corresponding UK right were ongoing ...
Over the past year, South Africa has seen some significant changes impacting its commercial financial landscape. On the regulatory front, there has been an overhaul of the financial sector regulatory framework, including the implementation of the “twin peaks” model of regulation, comprising the Prudential Authority and the Financial Sector Conduct Authority (“FSCA”) ...
Every minute of every day, 100 bottles of Scotch whisky make their way to South Africa. The lengths we have to go to get your attention! But this is a fact, and it can be found on the website of the Scotch Whisky Association (“SWA”). If you’re a Scotch drinker, this news will make you very happy, as will the news that the SWA has managed to get the term Scotch Whisky registered as a certification mark in South Africa ...
The legal framework in Mauritius is constantly evolving to keep pace with the rapidly changing economic environment. With the enactment of the latest Finance (Miscellaneous Provisions) Act, 2018 (the “Act”) on 9 August 2018, the government approved amendments to some 68 Acts, with regulations to follow shortly ...
The South African government is determined to ensure that in the country, as in a number of other countries, tobacco products are sold with little or no branding. Yes, the issue of tobacco plain packaging may have gone away for a while, but it is now clearly back on the agenda. The recent publication of the Draft Control of Tobacco Products and Electronic Delivery Systems Bill, 2018 makes that very clear ...
The trade marks Mango and Yango won’t be confused, even if they are used for the same products, so said the hearing officer in a recent trade mark opposition in the UK. On the face of it, this may seem like a strange decision. After all, Mango is a pretty strong and distinctive trade mark. As for Yango, well, that surely looks and sounds pretty similar to Mango? Well...yes and no ...
The General Provisions referred to in Article 58 of the Law to Regulate Financial Technology Institutions (“Fintech Law”), Circular 12/2018 addressed to the Electronic Payment Funds, relative to the general provisions applicable to the operations of the Electronic Payment Funds and the General Provisions applicable to the Financial Technology Institutions (“Fintechs”), were published in the Federal Official Gazette (Diario Oficial de la Federación) on Septembe
On September 10, 2018, the Mexican National Banking and Securities Commission (Comisión Nacional Bancaria y de Valoresor “CNBV”) issued the general provisions applicable to Financial Technology Institutions (“FTIs”) (Disposiciones de Carácter General Aplicables a las Instituciones de Tecnología Financiera) (the “CNBV Provisions”), which, as of March 10, 2018, are regulated by the Law that Regulates Financial Technology Institutions
As we reported in our May 31, 2018 Alert, the California Legislature has been considering legislation to prevent joint powers authority (JPA) member agencies from contracting out of liability for the JPA's pension obligations ...
Eduardo Corzo, a Counsel in Haynes and Boone’s Mexico City office who focuses on maritime and shipping law, contributed to a new legal guide titled, “Getting the Deal Through – Shipping 2019.” Eduardo wrote the chapter that covers shipping as governed by the law of Mexico. Each chapter in the guide covers key issues such as ship registrations and mortgages, maritime liens, and responsibilities and liabilities of the shipping company ...
Earlier this year, the Supreme Court issued its opinion in the matter of Lucia v. SEC, 585 U.S. (2018), which held that administrative law judges of the U.S. Securities and Exchange Commission (SEC) are considered Inferior Officers of the United States, therefore subject to the Appointments Clause (Article II, Sec. 2) of the U.S. Constitution. The Supreme Court ruled in favor of Mr ...
Following the enactment of the Economic Growth, Regulatory Relief, and Consumer Protection Act, the Securities and Exchange Commission (SEC) has adopted an amendment to Rule 701(e) increasing the threshold amount of securities that can be sold during a 12-month period from $5 million to $10 million. Securities sold in excess of the threshold trigger enhanced disclosure obligations for the issuer ...
It’s crazy. It’s real. It’s awry. A secretly, stupendously rich man falls in love with a poor girl. His mother declares her a gold-digger. Much gnashing of teeth ensues. Beyond its simple rom-com plot, however, the film Crazy Rich Asians has a less palatable aspect to its story: inequality and our apparent acceptance of it ...
The Internal Revenue Service has released a Private Letter Ruling ("PLR") allowing a plan sponsor to make contributions to employees' 401(k) accounts if the employees are repaying student loans. This is exciting news for employers sponsoring 401(k) plans who hope to attract and retain employees as student loan debt rises to unprecedented levels. The PLR confirmed that some student loan repayment programs linked to 401(k) employer contributions are acceptable ...
Earlier this year, the OJK issued a new regulation on financial digitalinnovation in financial services (“POJK 13/POJK.02/2018”). This is aregulatory sandbox version of the OJK (please see our Advisory on theregulatory sandbox of Bank Indonesia issued in 2017). Definitions According to POJK 13/POJK ...
In the recent budget exercise completed by the Bahamas Government, certain significant changes to the regime for Real Property Tax in The Bahamas were announced and have received a great deal of focus.It is important to take specific advice regarding the annual real property taxes which may be payable in respect of your property, how and when taxes should be paid, and the exemptions (if any) which might be available to you in respect of your property ...
All employers who were required to publish a Gender Pay Gap Report1 for the financial year 2017-2018 have now done so. A report published by the UK Parliament’s Business, Energy and Industrial Strategy (BEIS) Committee2 has confirmed that 78% of organisations have gender pay gaps that favour men, and that the national gender pay gap median is around 18%. The picture is worse in certain sectors, where it was found that gender pay gaps of over 40% were “not uncommon” ...
